[SpedF22]

Originally Posted by olecapt

I will however bet money on the volume going up fast. March is going to be up 15 to 25% over February. In fact it looks like April will be up year over year if the trend continues...and it seems to be building momentum rather than leveling off.

How is increasing sales volume in March/April different than any other year? Don't sales always slump in Winter to recover in Spring? If you told me volume traditionally jumps 5-10% in March, I think I would consider your 15-25% quote relevant. Otherwise, I'd think a bounce in the Spring is just normal.

[olecapt]

Originally Posted by SpedF22

How is increasing sales volume in March/April different than any other year? Don't sales always slump in Winter to recover in Spring? If you told me volume traditionally jumps 5-10% in March, I think I would consider your 15-25% quote relevant. Otherwise, I'd think a bounce in the Spring is just normal.

After you take out the noise last year rose to about 1500 in March and then flattened and dropped the rest of the year. January to March rose about 15%.

This year January to March is going to be around 40%. It also appears virtually certain that we will cross over the 2007 sales in April. That is we will see a year over year rise...It has been years since the last one.

In a normal year a large rise in March would be expected. But we have not had a normal year in a while. So even if it is simply a return to normal behavior it is good.

[Terri B]

The Associated Press: Senate Foreclosure Relief Bill Advances (broken link)

From the article....
"The upcoming bill also is sure to attract a GOP amendment by Sen. Johnny Isakson of Georgia to award $15,000 tax credits to people who buy and move into foreclosed homes. That would sharply boost demand, Isakson says. Lawmakers in both parties support the idea."


Hello Olecapt...will a tax credit make a big difference in the purchasing of REOs in LV

[banger]

Just one mans opinion.

Am I wrong but what about the people NOT in foreclosure who are trying to sell their houses.

It seems they will take yet another $15,000 hit just to compete.

Great for the banks, but lousy for a SOLVENT home owner.

[Coop01]

Originally Posted by banger

Just one mans opinion.

Am I wrong but what about the people NOT in foreclosure who are trying to sell their houses.

It seems they will take yet another $15,000 hit just to compete.

Great for the banks, but lousy for a SOLVENT home owner.

Ain't that the truth! I really think they don't have a clue.

[olecapt]

Originally Posted by Terri B

The Associated Press: Senate Foreclosure Relief Bill Advances

From the article....
"The upcoming bill also is sure to attract a GOP amendment by Sen. Johnny Isakson of Georgia to award $15,000 tax credits to people who buy and move into foreclosed homes. That would sharply boost demand, Isakson says. Lawmakers in both parties support the idea."


Hello Olecapt...will a tax credit make a big difference in the purchasing of REOs in LV

It would certainly increase volume. Probably raise price some on the REPOs. I doubt it would have much effect on non-REPO sales.

Note that it effectively raises the price to investors who are the biggest purchasers of REPOs.

I would guess mostly a volume increas on REOs...which would pretty quickly help the market for nonREPOS by exhausting the inventory of well priced REOs.

Note that mostly nonREPOs don't compete with REPOs. Sell on a different price line and at much lower rates.

Then again if you want much of the fine product you pay. If you don't care where you live or your kids go to school you don't.

[smalldog]

FYI: We just bought a house in Seven hills: built 1997, 2900sqft, 5bedroom, 3.5bath, 6000sqft lot.

In 2006 Dec, it was sold for 700k. We bought from bank for half of this price. People were crazy at that time.

Thanks for helping to find the house. My house hunting journey is done.

[jpk]

Nice work, smalldog. Good luck in your new home!

[dmilll]

While not directed at Las Vegas RE, the opinion below is still an interesting read that echo's a point mentioned by others about the valley. Housing prices need to fall back in line with at-large incomes for things to really start moving in the right direction again.

Let the housing chips fall - Los Angeles Times

From the article....
At current levels, the average American still can't afford the average house. The only mechanism to restore balance and get the credit flowing is for prices to fall steeply to a true market level, and for losses (for consumers and corporations) to be recognized and absorbed.

[airics]

i believe the 15k will increase demand and clear out alot of the repos, once that is done, then the market will be back...